News Corp’s $6.4 billion quarterly loss, the group’s first in over three years, has been described as”a direct reflection of the grim economic climate” by owner Rupert Murdoch. The loss, for Q4 2008 ended 31 December, compares with a $832 million profit for the same period in 2007. Murdoch is quoted as saying that rigorous cost-cutting is being implemented across all operations and head count is being reduced where appropriate. Analysts say the company is more exposed to advertising than you would want to be in the current climate. Fiscal 2009 profit has been slashed; analysts attribute much of the loss to a degraded advertising environment – particularly local markets. Murdoch singled out the lack of automobile advertising as a major problem. News Corp said that local TV ad sales dropped approximately 19 percent last quarter.
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